Credit Suisse's Bailout Sends Shockwaves Through Global Banks.

Banking shares in London and Europe fell after the emergency rescue of Credit Suisse by UBS failed to calm markets. Credit Suisse shares plunged 63% while UBS was down 12%. The rescue deal saw holders of $17bn of Credit Suisse’s bonds wiped out, spooking investors over concerns of a potential slump in the value of AT1 bonds at other institutions. Central banks took coordinated action on Sunday night to try to shore up confidence by agreeing measures to ensure banks in Canada, Britain, Japan, Switzerland and the eurozone would have the dollars needed to operate.